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Investment Securities | 9 Months Ended
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Sep. 30, 2020
Investment Securities |
Investment Securities | Note 5 — Investment Securities ​ The following is the amortized cost and fair value of investment securities available for sale: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
(Dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value |
September 30, 2020: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government-sponsored entities debt* | ​ | $ | 29,882 | ​ | $ | 45 | ​ | $ | — | ​ | $ | 29,927 | ​
State and municipal obligations | ​ |  | 446,068 | ​ |  | 13,236 | ​ |  | (109) | ​ |  | 459,195 | ​
Mortgage-backed securities** | ​ |  | 3,008,562 | ​ |  | 54,671 | ​ |  | (4,078) | ​ |  | 3,059,155 | ​
Corporate securities | ​ | ​ | 13,575 | ​ | ​ | 77 | ​ | ​ | — | ​ | ​ | 13,652 | ​
​ | ​ | $ | 3,498,087 | ​ | $ | 68,029 | ​ | $ | (4,187) | ​ | $ | 3,561,929 | ​
December 31, 2019: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government-sponsored entities debt* | ​ | $ | 25,356 | ​ | $ | 585 | ​ | $ | — | ​ | $ | 25,941 | ​
State and municipal obligations | ​ |  | 204,150 | ​ |  | 5,029 | ​ |  | (764) | ​ |  | 208,415 | ​
Mortgage-backed securities** | ​ |  | 1,711,257 | ​ |  | 14,209 | ​ |  | (3,775) | ​ |  | 1,721,691 | ​
​ | ​ | $ | 1,940,763 | ​ | $ | 19,823 | ​ | $ | (4,539) | ​ | $ | 1,956,047 | ​
September 30, 2019: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government-sponsored entities debt* | ​ | $ | 40,322 | ​ | $ | 645 | ​ | $ | — | ​ | $ | 40,967 | ​
State and municipal obligations | ​ |  | 183,005 | ​ |  | 5,720 | ​ |  | (43) | ​ |  | 188,682 | ​
Mortgage-backed securities** | ​ |  | 1,566,182 | ​ |  | 19,791 | ​ |  | (2,488) | ​ |  | 1,583,485 | ​
​ | ​ | $ | 1,789,509 | ​ | $ | 26,156 | ​ | $ | (2,531) | ​ | $ | 1,813,134 | ​
* - Our government-sponsored entities holdings are comprised of debt securities offered by Freddie Mac, Fannie Mae, Ginnie Mae, the FHLB, and FFCB. ** - All of the mortgage-backed securities are issued by government-sponsored entities; there are no private-label holdings. Also, included in our mortgage-backed securities are debt securities offered by the SBA, which have the full faith and credit backing of the United States Government. ​ During the three and nine months ended September 30, 2020, the Company recognized gains of $469,000 and losses of $ 454,000 (a net gain of $15,000) from the sale of available for sale securities compared to a net realized gain of $437,000 and $2.7 million for the three and nine months ended September 30, 2019. The net realized gain of $2.7 million for the nine months ended September 30, 2019 includes net realized gains totaling $5.4 million from the sale of VISA Class B shares. If the gains from the VISA Class B share are excluded, the Company would have had a net realized loss of $2.7 million on the sale of available for sale securities for the nine months ended September 30, 2019. ​ The following is the amortized cost and carrying value of other investment securities: ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Carrying |
(Dollars in thousands) |  | Value |
September 30, 2020: | ​ | ​ | ​ | ​
Federal Home Loan Bank stock | ​ | $ | 44,838 | ​
Federal Reserve Bank stock | ​ | ​ | 129,871 | ​
Investment in unconsolidated subsidiaries | ​ |  | 4,941 | ​
Other nonmarketable investment securities | ​ |  | 5,549 | ​
​ | ​ | $ | 185,199 | ​
December 31, 2019: | ​ | ​ | ​ | ​
Federal Home Loan Bank stock | ​ | $ | 43,044 | ​
Investment in unconsolidated subsidiaries | ​ |  | 3,563 | ​
Other nonmarketable investment securities | ​ |  | 2,517 | ​
​ | ​ | $ | 49,124 | ​
September 30, 2019: | ​ | ​ | ​ | ​
Federal Home Loan Bank stock | ​ | $ | 43,044 | ​
Investment in unconsolidated subsidiaries | ​ |  | 3,563 | ​
Other nonmarketable investment securities | ​ |  | 2,517 | ​
​ | ​ | $ | 49,124 | ​
​ Our other investment securities consist of non-marketable equity securities that have no readily determinable market value. Accordingly, when evaluating these securities for impairment, Management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of September 30, 2020, we determined that there was no impairment on other investment securities. ​ The amortized cost and fair value of debt and equity securities at September 30, 2020 by contractual maturity are detailed below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Securities |
​ | ​ | Available for Sale |
​ | ​ | Amortized | ​ | Fair |
(Dollars in thousands) |  | Cost |  | Value |
Due in one year or less |  | $ | 7,308 |  | $ | 7,339 | ​
Due after one year through five years | ​ |  | 57,855 | ​ |  | 59,731 | ​
Due after five years through ten years | ​ |  | 531,275 | ​ |  | 547,293 | ​
Due after ten years | ​ |  | 2,901,649 | ​ |  | 2,947,566 | ​
​ | ​ | $ | 3,498,087 | ​ | $ | 3,561,929 | ​
​ Information pertaining to our securities with gross unrealized losses at September 30, 2020, December 31, 2019 and September 30, 2019, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than | ​ | Twelve Months |
​ | ​ | Twelve Months | ​ | or More |
​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ |
​ | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair |
(Dollars in thousands) |  | Losses |  | Value |  | Losses |  | Value |
September 30, 2020: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities Available for Sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government-sponsored entities debt | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
State and municipal obligations | ​ |  | 109 | ​ |  | 43,880 | ​ |  | — | ​ |  | — | ​
Mortgage-backed securities | ​ |  | 2,988 | ​ |  | 697,242 | ​ |  | 1,090 | ​ |  | 110,312 | ​
Corporate securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
​ | ​ | $ | 3,097 | ​ | $ | 741,122 | ​ | $ | 1,090 | ​ | $ | 110,312 | ​
December 31, 2019: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities Available for Sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government-sponsored entities debt | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
State and municipal obligations | ​ |  | 764 | ​ |  | 42,070 | ​ |  | — | ​ |  | — | ​
Mortgage-backed securities | ​ |  | 2,422 | ​ |  | 461,658 | ​ |  | 1,353 | ​ |  | 141,982 | ​
​ | ​ | $ | 3,186 | ​ | $ | 503,728 | ​ | $ | 1,353 | ​ | $ | 141,982 | ​
September 30, 2019: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities Available for Sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government-sponsored entities debt | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
State and municipal obligations | ​ |  | 43 | ​ |  | 5,275 | ​ |  | — | ​ |  | — | ​
Mortgage-backed securities | ​ |  | 1,113 | ​ |  | 312,686 | ​ |  | 1,375 | ​ |  | 154,111 | ​
​ | ​ | $ | 1,156 | ​ | $ | 317,961 | ​ | $ | 1,375 | ​ | $ | 154,111 | ​
​ Management evaluates securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Credit losses are calculated individually, rather than collectively, using a discounted cash flow method, whereby Management compares the present value of expected cash flows with the amortized cost basis of the security. The credit loss component would be recognized through the provision for credit losses. Consideration is given to (1) the financial condition and near-term prospects of the issuer including looking at default and delinquency rates, (2) the outlook for receiving the contractual cash flows of the investments, (3) the length of time and the extent to which the fair value has been less than cost, (4) our intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value or for a debt security whether it is more-likely-than-not that we will be required to sell the debt security prior to recovering its fair value, (5) the anticipated outlook for changes in the general level of interest rates, (6) credit ratings, (7) third party guarantees, and (8) collateral values. In analyzing an issuer’s financial condition, Management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, the results of reviews of the issuer’s financial condition, and the issuer’s anticipated ability to pay the contractual cash flows of the investments. The Company performed an analysis that determined that the following securities have a zero expected credit loss: U.S. Treasury Securities, Agency-Backed Securities including securities issued by Ginnie Mae, Freddie Mac, Fannie Mae, the FHLB, FFCB and SBA. All of the U.S. Treasury and Agency-Backed Securities have the full faith and credit backing of the United State Government or one of its agencies. Municipal securities and all other securities that do not have a zero expected credit loss are evaluated quarterly to determine whether there is a credit loss associated with a decline in fair value. All debt securities available for sale in an unrealized loss position as of September 30, 2020 continue to perform as scheduled and we do not believe that there is a credit loss or that a provision for credit losses is necessary. Also, as part of our evaluation of our intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, we consider our investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. We do not currently intend to sell the securities within the portfolio, and it is not more-likely-than-not that we will be required to sell the debt securities. See Note 2 – Summary of Significant Account Policies for further discussion. ​ Management continues to monitor all of our securities with a high degree of scrutiny. There can be no assurance that we will not conclude in future periods that conditions existing at that time indicate some or all of its securities may be sold or would require a charge to earnings as a provision for credit losses in such periods.

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